https://www.taxtmi.com/caselaws?id=462382 The Chhattisgarh HC upheld the seizure of jewellery claimed as stock-in-trade by the petitioner. The court held that to qualify for protection under Section 132(1)(iii) proviso of the Income Tax Act, 1961, goods must be established as stock-in-trade through supporting documents. Since the appellant admitted in their statement under Section 132(4) that they possessed no bills or invoices, the seized jewellery could not be considered stock-in-trade. The court ruled that mere claims without documentary proof are insufficient to prevent seizure under the Act. en-us Wed, 26 Jun 2024 00:00:00 +0530 Wed, 09 Jul 2025 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462382 The Chhattisgarh HC upheld the seizure of jewellery claimed as stock-in-trade by the petitioner. The court held that to qualify for protection under Section 132(1)(iii) proviso of the Income Tax Act, 1961, goods must be established as stock-in-trade through supporting documents. Since the appellant admitted in their statement under Section 132(4) that they possessed no bills or invoices, the seized jewellery could not be considered stock-in-trade. The court ruled that mere claims without documentary proof are insufficient to prevent seizure under the Act. Case-Laws Income Tax Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462382